• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news
Crypto.com Logo
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Events
  • Play GamesTry
  • Play Casino GamesTry
No Result
View All Result
Breaking News: Dogecoin (DOGE) Soars 8%, But An Uptick In This Metric Suggests A Pullback
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Events
  • Play GamesTry
  • Play Casino GamesTry
No Result
View All Result
NewsBTC
No Result
View All Result
Breaking News: Dogecoin (DOGE) Soars 8%, But An Uptick In This Metric Suggests A Pullback
bitcoin price crypto btcusd

Bitcoin Price Dragged Below $7,000 By Return to Market Chaos

Tony Spilotro by Tony Spilotro
3 years ago
in Cryptocurrency news, Bitcoin
Reading Time: 2 mins read
Advertisement

Bitcoin price just broke below $7,000 Monday morning after a late Friday evening rally pushed the asset over the key level for the weekend.

However, coronavirus concerns have returned to traditional markets, causing major turbulence to kick off the day, which may have also caused Bitcoin to tumble. Could a repeat of last month’s mayhem and a retest of extreme lows be incoming?

Bitcoin Price Breaks Below $7,000 After Weekend Retest of Highs

Bitcoin price has been struggling to push through overhead resistance above the mid-$7,000 range all throughout April.

Get 30 FREE SPINS at Punt Casino - NO DEPOSIT REQUIRED! Start Playing Now.
No Deposit 40 FREE SPINS at Wild.io on SIGN UP. Wheel of fortune, daily bonuses, 10 BTC in prizes monthly! Start Playing Now!

Following the record-breaking collapse in mid-March – now dubbed Black Thursday – the first-ever cryptocurrency had shown a strong recovery from the extreme lows set around $3,800, nearly doubling in value in less than a month.

The bulls that were feverishly buying Bitcoin at such low prices have appeared to have run out of steam. Or it could be that fear, uncertainty, and doubt is getting the best of them once again.

With news breaking that the economy will remain in lockdown, and coronavirus cases barely starting to show a flattening of the curve, investors are once again in panic mode and starting to dump assets in a fury.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?

Oil prices sank to 20-year lows, and Dow futures tumbled overnight. The last time Bitcoin price suffered a major collapse, it was tightly correlated with the stock market.

The stock market preparing for another leg down doesn’t bode for the cryptocurrency market. The high-risk asset class filled with speculation and hype could suffer yet another major drop, similar to the madness last March.

Traditional Market Chaos and Volatility Spiking Could Be Dangerous For Bitcoin

Bulls will need to hold $6,800, or a push to the lower $6,000 area is next. Failure to hold this level could cause Bitcoin price to retest the low put in last month, or potentially fall lower to set the asset’s bear market bottom.

At this point and with a black swan event like the coronavirus continuing to be a dark cloud hanging over the economy and markets, this type of turbulence is likely to continue and anything at all is possible.

Given that Bitcoin and the crypto space is relatively illiquid compared to other assets, and lack proven uses cases and widespread adoption, the assets could theoretically go to zero.

However, with Bitcoin’s halving ahead – expected to be a significantly bullish event in terms of impact on supply and demand – the current drop could be a buying opportunity that cannot be missed.

Previous halvings have each taken Bitcoin price to a new all-time high, but this is the first halving to take place during such bearish conditions.

With so much going on the fate of Bitcoin is truly at stake.

Featured image from Pixabay
Tags: bitcoinbtcusdcryptooilStock Market
Tweet123Share233ShareSend
Win up to $1,000,000 in One Spin at CryptoSlots
Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a global remote work leader with a decade of award-winning content experience and excellence. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter at @tonyspilotroBTC and feel free to drop me a line if you would like to work together.

Related Posts

Litecoin

Litecoin (LTC) Displays Consolidation – Can We Expect A Reversal Soon?

31 mins ago
Digital assets got government support in 2022

Digital assets got government support in 2022

1 hour ago
Fasttoken (FTN) Secures Multi-Million Dollar Investment to Advance Its Web 3 Ecosystem

Fasttoken (FTN) Secures Multi-Million Dollar Investment to Advance Its Web 3 Ecosystem

12 hours ago
U.S. Government Releases Roadmap To Mitigate Crypto Risk For Investors

U.S. Government Releases Roadmap To Mitigate Crypto Risk For Investors

16 hours ago
Signal Message FTX Sam Bankman-Fried

Former FTX Boss Sam Bankman-Fried Using Privacy Messaging App Signal

19 hours ago
Silvergate Dividends

Crypto-Friendly Bank Silvergate Suspends Dividend Payouts

21 hours ago

Premium Partners

Top Casinos

BitStarz

BitStarz

Review · Visit
Punt Casino

Punt Casino

Review · Visit
Trust Dice

Trust Dice

Review · Visit
Metaspins

Metaspins

Review · Visit
Coinplay

Coinplay

Review · Visit
CryptoSlots

CryptoSlots

Review · Visit
mBit

mBit

Review · Visit
Vave

Vave

Review · Visit

Sportsbooks

1xBit

1xBit

Review · Visit
Coinplay

Coinplay

Review · Visit

BudBlockz’s 220% Growth Puts It Ahead of Dogelon Mars and Floki Inu

January 28, 2023

MATIC Gains Over 20% As Polygon Network Records Biggest Whale Transaction Of 2023

January 28, 2023

Connecting the dots on $PAW. Is Ryoshi back?

January 28, 2023

Cardano’s (ADA) first native stablecoin will launch next week, Binance (BNB) Moved $346M for the Defunct Exchange Bitzlato, Snowfall Protocol (SNW) brings in massive 500% profits to investors

January 28, 2023

Cardano (ADA) Leads Crypto Dip as Market Sheds $27B Overnight, DMM Bitcoin starts handling Polygon (MATIC), Less than 7 days remain to Snowfall Protocol’s (SNW) launch

January 28, 2023

About Us

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Links

Crypto Prices from Nomics

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

Company

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

© 2022 NewsBTC. All Rights Reserved.

  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Events
  • Play Games
  • Play Casino Games

© 2022 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.